Forbes predicts that the Vietnamese dong will not increase in value or be significantly revalued in the near future. Bloomberg notes that in January 2015, the State Bank of Vietnam depreciated the dong to assist exporters who rely on a competitive currency.
Forbes claims that a number of Americans are purchasing the Vietnamese dong and other currencies, such as the Iraqi dinar, in the hopes that its value will increase dramatically. These currencies are sometimes referred to as scam currencies, and while they are legal currencies, the likelihood of a large price increase in the future is extremely low. In addition, most banks and currency exchanges demand a premium for purchasing such low-volume currencies, and many Vietnamese dong holders may have difficulty selling the money back even if it appreciates.
According to Bloomberg, the Vietnamese dong was devalued for the second time in seven months in January 2015. The Vietnamese Central Bank is attempting to maintain parity between the dong and the increasing U.S. dollar. The Vietnamese dong declined by 1.4% versus the U.S. dollar in 2014. By maintaining a competitive exchange rate for the dong, the Vietnamese government ensures the expansion of its export-based economy. In 2014, the Vietnamese economy expanded by 5.98 percent.
